First of all, we have to know what’s the difference between IFRS and GAAP. IFRS: stipulate on the general principles of economic transactions accounting principles. It is simple and clear, and emphasize the content of understanding and application. It emphasis on substance does not stick to the form, which will help to truly reflect the financial status and business performance. It possesses forward-looking, withstand the trial of space-time evolution and transaction innovation. GAAP: specific detailed
Private Company Managers and Preparer vs. Investor’s Perspective on FASB and PCC Financial Reporting Standard Financial reporting is extremely significant to the economy comparable to a human brain. Financial reporting trigger on where, how and when the investors or capital markets are hungry to invest or to be conservative and it also drives the economic condition in general. Financial statements speaks to convey information regarding the financial condition of an organization. Therefore, the
assets. This asset is separable, or when a contract or other legal right arises. Separation assets can be counted as few criteria which is transferred, can be sold, licensed, borrow and so on. The goodwill for business combination are accordance in IFRS and scope is IAS 38. The asset that not be recognized are internally generated goodwill within the IAS 38 scope. Intangible assets that qualify for recognition are initially recording into the cost and the cost are less amortization along with the
ABSTRACT This assignment is related to employee benefits, types of employee benefits, accumulating and non-accumulating annual leaves and vesting and non-vesting sick leaves under international financial reporting standards. IAS 19 Employee Benefits (amended 2011) outlines the accounting requirements for employee benefits, including short-term benefits (e.g. wages and salaries, annual leave), post-employment benefits such as retirement benefits, other long-term benefits (e.g. long service leave)
The taxpayers could minimize the amount of taxes to be paid for a stipulated period by think of various strategies to implement. In general, tax planning is legal way of tax compliance while tax evasion is illegal. Tax planning is done by taking advantage of loopholes or lacunae in the tax code to reduce tax liability. It is consider legal if the transactions involved are bona fide without violation of the provision of Income Tax Act 1967. Following concepts and ideas are involved in tax planning
3. A Financial Analysis of Tesco 3.1. Specification of the Purpose of the Analysis The purpose of this analysis is to assist interested stakeholders to make sound decisions on investments, objectives and overall strategies with regards to the financial analysis. The data presented in this report even though is past may assist stakeholders to distinguish the operational strengths and weaknesses of Tesco as well as its financial soundness. 3.2. The Interested Stakeholders of the Analysis Report and
investor by the name of Bernard Ebbers was made its chief executive officer (CEO). The company’s main strategy was to establish and expand itself by acquiring other companies in the same industry. It became a public traded company when it acquired Advantage Companies Inc. in 1989. It continued this trend as well as merging with other companies for several
NOKIA is a Finnish Company headquartered in Espoo, Finland. From its humble beginning with one paper mill, the company has participated in many sectors like paper, tires, consumer and industrial electronics, telecommunications, infrastructure and more. Started in 1865, it became NOKIA CORPORATION in 1967 and entered the telecommunications market in 1960. In 2013, after purchasing Siemens stake in NSN and selling Nokia’s Devices and Services business to Microsoft on April 25, 2104, Nokia announced